BoC holds key interest rate amid war in Iran, says it can only help inflation in long term | FULL

The Bank of Canada on Wednesday announced it was holding its key interest rate at 2.25 per cent amid the ongoing war in Iran that has pushed global energy prices higher.

Gov. Tiff Macklem called the conflict in the Middle East an "economic shock" and says "energy is not the only thing going through the Strait of Hormuz."

He says Canada is a "net exporter of energy, a net exporter of fertilizer," and while there is more income coming in, there is also going to be higher prices.

Macklem says there's nothing they can do in the near term because "we can't fix the war," they can help mitigate inflation the longer the war goes.

“What we can do though and what we will do is we will ensure if energy prices stay high, that does not become ongoing, generalized, persistent inflation,” Macklem said.

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Видео BoC holds key interest rate amid war in Iran, says it can only help inflation in long term | FULL канала Global News